Servic tax on accrual basis
This query is : Resolved
03 July 2011
Dear Expert
From 1-7-2011, Service tax has been on accrual basis. But what about the service tax for which we have raised bills before 1-7-2011 and still not received payment? is there any dead line to pay service tax on such bills? please reply.
From 1-7-2011, Service tax has been on accrual basis. But what about the service tax for which we have raised bills before 1-7-2011 and still not received payment? is there any dead line to pay service tax on such bills? please reply.
03 July 2011
you have to clear the service tax of such bills on or before 05/07/2011
04 July 2011
No dead line. U have an option to pay on receipt basis.
04 July 2011
The amendment is applicable from the date it is specified in the amendment. In case of old act the old procedure shall apply. In case of service tax since the services rendered prior to 1.7.2011 are to be paid on actual receipt the same act shall be applicable and you need not get panic for the amendment as the services rendered on and from 1.7.2011 shall be on accrual basis.
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